Senate Bill 264 was signed into law by Governor Michelle Lujan Grisham in April 2019, creating a Rural Libraries Endowment Fundto support the preservation, development and establishment of rural libraries throughout the state, by providing a consistent funding mechanism for rural libraries' operational and capital needs. The fund has been appropriated $1 million for FY20, and additional funding is expected in the future. The endowment will be managed by the SIC in a manner similar to the existing permanent funds.